Put yourself at ease by protecting those you love
04 June 2021
A balanced budget is the main pillar of a household that runs smoothly. When you’re conscious of how much money comes in every month and you monitor where all your money goes, you can plan how to keep the family on the right path to healthy finances.
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Aside from tracking all known expenses, do you also set aside a budget for unknown expenses? Follow these simple steps to create a family budget that will prepare you for unexpected medical emergencies.
1 List all sources of income. Create a list of all your monthly sources of income and add them up. This list should only include regular sources of income, not bonuses or one-time jobs that do not necessarily follow a monthly schedule. If you have no regular income and your family’s total income is variable, try to estimate how much money your family made during the previous year and divide that by 12.
2 Monitor all expenses. Keep all your receipts for one month and write down all your expenses. This should include regular bills and essentials like rent, utilities, tuition, insurance, and groceries. Add other purchases made for the household. Add up all the fixed costs, and then add up all the flexible miscellaneous costs. This one-month snapshot will give you an idea of your spending behavior.
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3 Set a spending limit. Compare your expenses against your income, and set an ideal limit to your monthly spending. This spending limit should cover all your fixed expenses and leave enough money for specific savings goals and long-term savings. Once you've set this monthly budget, begin to track all income and all expenses every month to make sure you are staying on track.
4 Identify savings goals. In case you don’t have enough money to put towards savings, your first goal should be to cut out any flexible spending that you possibly can. Once you’ve done that, you can also try to find a way to increase your income. Now that you have some breathing room, your first goal should be to build an emergency fund to cover drastic and unexpected expenses.
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BPI AIA offers different products under BPI AIA Direct, which protects you and your family in case of an accident or unexpected illness. These also offer life insurance benefits, so you can be assured that your loved ones will be financially able to meet their needs even when you are no longer there to care for them. Don't worry: BPI AIA Direct products are affordable, and you can avail of them easily, even amid the COVID-19 crisis. Learn more and schedule a virtual appointment with a Bancassurance Sales Executive today.
You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!
Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.
The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.
Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.
In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.
Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.
It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.
Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.
It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy.